MYOB ACCOUNTING SOFTWARE In a bid to increased efficiency save

MYOB ACCOUNTING SOFTWARE
In a bid to increased efficiency save costs, organizations implement various solutions.
Technological solutions are the most commonly used for aiding organization operations. The use
of technology in the accounting field has gained a lot of momentum in recent years. The
invention of new technologies in the field has enabled businesses to depart from manual systems
and adopt the use of computerized systems to record and store financial transactions. MYOB is a
perfect example of a technological solution that has revolutionized storage and recording of
financial transactions. The adoption of technology is a necessity for modern businesses.
Specific functions provided by MYOB Software
MYOB accounting software is used by businesses to aid in different functions. The
software ease of use makes it preferred software for small and medium-size businesses. The
software is commonly used for managing an organization's goods and inventory, managing
stock, managing expenditure and cash receipts. Additionally, it is also used to generate
accounting reports to aid in financial and management reporting( MYOBAccounting,2019). The
software is also used in the reconciliation of expenses. It is therefore evident that MYOB
software has a broad usage.
Problems of using a manual accounting system
The increasing adoption of the use of electronic accounting systems is based on among
other factors, the disadvantages associated with manual accounting systems. However, in spite of
the wide usage of computerized accounting systems, paper-based systems can still be useful in

the recording of business transactions for small business owners. Notably, one of the key
problems for manual accounting systems is the likelihood of human error
(ManualAccountingsystems, 2019). To illustrate, manual transactions may lead to multiple errors
such as recording of an incomplete transaction which occurs when the double entry rule is not
followed.
Additionally, mistakes can also be experienced through the recording of a transaction
incorrectly, transposition of figures or through errors also. On the same note, paper-based records
are prone to tear and wear. They can, therefore, be damaged easily. Unlike electronic based
accounting information paper-based records can also be easily damaged by water or fire, as well
as other natural and humanmade calamities. On the same not, recording of manual transactions
where a high volume of transactions is involved can be both cumbersome and time consuming,
making it disadvantageous for accountants (ManualAccountingsystems, 2019). The broad range
of challenges for manual accounting systems are quite common and can sometimes be difficult to
locate especially for non-experienced accountants.
Outline the benefits of using an online accounting software tool.
There has also been increasing use of online accounting software tool based on its
numerous benefits. First, the online accounting software tool provides one of the safest ways to
store information. It ensures that access to information is only limited to only the persons with
the login details. Also, the tool guarantees the safety of information by protecting data from
common natural disasters. Secondly, an online accounting software tool increases ease of access
to accounting information. It allows accountants and business owners to access their numbers
anytime and in any location. It, therefore, eliminates the need to sit in an office to access
accounts or check cash flow. Thirdly, an online accounting software tool eliminates the need for